The luxury real estate market has been on fire during the pandemic, as low interest rates, booming net worths and the movement toward remote work created the perfect environment for affluent homebuyers to snap up their dream primary or secondary home, Inman’s Marian McPherson reports.
Now as the lower level of the market normalizes and corrects, luxury real estate professionals and consumers are wondering: When will the dream end?
Luxury masterminds Jade Mills, Ryan Serhant, Gary Gold and Mauricio Umansky told the Luxury Connect audience on Monday at the Aria Hotel in Las Vegas that they’ve had some of their best years yet in real estate, with sales at all price points jumping by the double-digits in their markets.
“We’ve had a great year,” Mills said. “The over $20 million market in our area is up at 82 percent, which is really, really crazy. And [homes priced] over $5 million — everything over $5 million is up 72 percent.”
Watch the complete conversation from ICLV, above, as a benefit of your Inman Select subscription.